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Petroleum sector deregulation: Naira depreciates by N14 to N334/$

*As oil & gas shares gain 3.7% on stock market

— After two months of stability, the naira, yesterday, depreciated by N14 in the parallel market, in response to demand pressure occasioned by the deregulation of petroleum sector announced by the Federal Government, Wednesday. Buhari Meanwhile, shares of major petroleum products marketers recorded significant price appreciation on the Nigeria stock market in response to the announcement by the Federal Government. While announcing the deregulation of petroleum imports, Petroleum Products Pricing Regulatory Agency, PPPRA, said in order to meet the consumption demand of the country, importers will henceforth be permitted to source for their foreign exchange requirements from secondary sources. This development, according to bureau de change operators, triggered a demand for dollars in the parallel market, leading to sharp depreciation of the naira. Hence, the parallel market exchange rate, which had been stable at N320 per dollar since end of February, rose to N334 per dollar at the close of business, yesterday. Confirming this development to Vanguard, President, Association of Bureau de Change Operators of Nigeria (ABCON), Alhaji Aminu Gwada, said the market today experienced increased demand due to the announcement that petrol importers should source dollars from secondary sources.

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